Lot's to think about in terms of why there has been such a huge decline in Nascar's ratings as we enter Daytona 500 weekend. Reporters at The Wall Street Journal analyze Nascar's decline. Nascar threw a bash at Kansas Speedway in October to thank Sprint Corp. for being stock-car racing’s top sponsor for 13 years. More than 800 Sprint employees received hot dogs, burgers and seats to a nail-biting race. One thing was missing: a new sponsor. Despite knowing for two years that Sprint was leaving, Nascar didn’t announce a replacement until December, when it said energy-drink maker Monster … [Read more...]
The Story of the Largest Insider Trading Investigation in History
If you want to get the inside story on hedge fund manager Steve Cohen, read Black Edge by Sheelah Kolhatkar. What stood out to me was how retired teachers, and the collective billions they’ve saved through pensions, had their money managed by Stevie who, in essence, is a day trader. A very rich day trader. What happens to the pensions when guys like Cohen run out of buyers? He’s not that far removed from being the next Long Term Capital Management, which went bankrupt and needed a bailout. Here’s a review by David McClintick of the WSJ that got me into the book and an interview with author … [Read more...]
The Workers of Boeing in SC Reject Forced Unionization Drive
Give workers a choice whether to join a union or not and let the chips fall as they may. Right to work states make all the sense in the world. Just ask the workers at Boeing. Reuters (via Fox Business) reports on the rejection of unionization at Boeing's South Carolina plant: Boeing handily defeated a union drive by workers at the company's aircraft factory in South Carolina on Wednesday, as almost three-quarters of workers at the plant who voted rejected union representation. The secret ballot vote, conducted by the National Labor Relations Board (NLRB) at polling locations throughout … [Read more...]
New Correlation Meltdown Could Punish the Indexing Miracle
You don't need more reason's than this to make sure your portfolio is diversified. Christopher Whittall writes in The Wall Street Journal that correlation among assets has fallen to its lowest level since 2006. Developed-world stocks and bond prices climbed in the summer of 2016 on a belief weak growth would persuade central banks to keep their massive stimulus programs in place for longer. But as expectations cranked up for higher growth and less stimulus, differentiation made a comeback. Bond prices crumbled and stocks surged. Markets that once moved closer together were parting ways. … [Read more...]
Can You Retire in the Best Shape of Your Life?
What good is your retirement if you’re not healthy enough to enjoy it? Not that retirement is in this guy’s mind. Dan Pompei wrote at BleacherReport.com that at 39, Tom Brady is in better shape than ever. At 39, Peyton Manning no longer could throw the way he used to. He missed seven starts with a foot injury and had a 67.9 passer rating—easily the worst of his career. And he knew it was time to exit the arena. At 39, Brady led the AFC in passer rating, yards per attempt and passing yards per game. The Patriots won 11 of his 12 starts, leading many to believe he was the league's MVP. And … [Read more...]
Is a Sleepy Market Threatening Investors with New Risk?
Don’t be lulled to sleep by this market. Just because there haven’t been any real neck-snapping moves, up or down, doesn’t mean there won’t be any. Unfortunately the trade that favors a tepid market is getting more crowded by the day. What’s worse is that the investors coming in aren’t the big players, it’s mom & pop. The DailyShot details the story: Equity Markets: Anecdotal evidence suggests that short volatility trades have made their way into the retail world. It seems that mom & pop investors are loading up on XIV – an ETN that shorts near-term VIX futures (just as bigger … [Read more...]
Practical Plans Lead to Sensational Retirement Years
Don't put pressure on yourself to do everything you've ever dreamed of doing during your retirement. Believe me, you will be able to do a lot, but you'll also find you've never been busier. Take a deep breath. Make a plan for the big trips like Paris and don't stress out about not doing enough. That's how you can guarantee your retirement will be short lived. Brian Hershberg writes at Moneybeat: Retirement—for better and worse—will change your life more than you anticipate. That’s the consensus of those who should know best: retirees themselves. In the latest Journal Report on Wealth … [Read more...]
Can You Avoid Investing with the Herd?
As Vanguard continues to gather assets consider your exposure to the indexing herd. Sarah Krouse reports at The Wall Street Journal: Of the $533 billion of net flows into all mutual funds and exchange-traded funds last year, 54%, or $289 billion, went to funds managed by Vanguard, according to research firm Morningstar Inc. The fund company’s own tally for the year was even higher, at $322.8 billion. The rush to Vanguard is largely the result of a push to embrace funds that mimic broad indexes for a fraction of the cost of traditional actively managed mutual funds. Vanguard, which started … [Read more...]
Small Business Profile: Island Creek Oysters
Originally posted April 8, 2014. Becky and I are familiar with the Island Creek success story because good friends of ours live in Duxbury, MA and hang-out with the founder and CEO Skip Bennett. If you like oysters, then you’ll love Island Creek Oysters. What’s great about Skip’s incredible story is that it was his desire for independence that drove him to success. I think every small business owner and entrepreneur can relate to Skip. Here’s a recent profile on him and Island Creek by Under Current News: Before the knuckly-shelled morsels from Island Creek Oysters make it onto the white … [Read more...]
One Easy Solution to the Fiduciary Problem
With the fate of the Department of Labor's fiduciary rule up in the air, investors and brokerages are looking for a way forward. For investors worried about doing business with a broker held to the much less stringent suitability standard, the easy solution is to simply work with an investment advisor held to the higher fiduciary standard. Michael Wursthorn reports for the Wall Street Journal on the next steps brokers are taking in the face of uncertainty about the rule. The fiduciary rule, due to take effect April 10, is unpopular with Republicans and some in the financial industry who say … [Read more...]
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